Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

InSilico Medicine Cayman TopCo / Equity Capital Markets

<ul>
<li>InSilico Medicine, an AI-driven drug discovery and development, launched its IPO to raise at least USD 293 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide a valuation for the company.</li>
<li>We think the valuation is anchored by its innovative assets while the AI asset value provides upside.</li>
</ul>


InSilico Medicine, an AI-driven drug discovery and development, launched its IPO to raise at least USD 293 million via a Hong Kong listing.
In this note, we look at the deal terms and provide a valuation for the company.
We think the valuation is anchored by its innovative assets while the AI asset value provides upside.


InSilico Medicine (英矽智能) IPO: AI Assets as Upside

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 12th (reported today). The aggregated short interest was USD29.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre, Metcash.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 12th (reported today). The aggregated short interest was USD29.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre, Metcash.


ASX Short Interest Weekly (Dec 12th): JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.</li>
<li>In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.</li>
<li>We also briefly look at its potential range of pricing for respective business segments.</li>
</ul>


CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.
In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.
We also briefly look at its potential range of pricing for respective business segments.


CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.</li>
<li>In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.
In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Ke Yan, CFA, FRM
Asia Pac IPO & Placement Research, China biotech
• Aequitas Research

InSilico Medicine (英矽智能) IPO: AI Assets as Upside

InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 12th): JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre

We analyzed ASX short interest report for the past week and highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel,...

Ke Yan, CFA, FRM

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

InSilico Medicine (英矽智能) IPO: AI Assets as Upside

​InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 12th): JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre

We analyzed ASX short interest report for the past week and highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel,...

Ke Yan, CFA, FRM

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed ​CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

​China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...